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V80 – Model Validation Framework and Best Practices Virtual Session

Date
May 8, 2018

Competencies

External Forces & Industry Knowledge

 

Presented by

Modeling Section; Joint Risk Management Section

Time

3:00–4:15 p.m. ET

Location

This virtual session takes place via the Internet.

Registration is now closed. The SOA Customer Service Center is available to assist you Monday through Friday, 8:00 a.m. to 5:00 p.m. CDT. Please call 888.697.3900.

Description

The refrain "All models are wrong but some are useful" is a common aphorism in the actuarial field. Certainly, models are at the core of what actuaries do. Irrespective of whether actuaries are involved in the pricing, valuation, risk management or hedging functions, our work means building, using, modifying or reviewing models in some fashion.

In recent years there has been strong insurance industry focus on model validation and governance frameworks, typically at the direction of senior management and regulators. When properly carried out, such a framework can help increase stakeholder confidence in the company financials. Such stakeholders include senior management and other end-users. Presenters at this session will discuss the approaches used in the industry to construct this framework, discussing best practices for concepts such as baselining, model inventory, model validation, effective challenge and user acceptance testing for the actuarial and non-actuarial functions.

At the conclusion of the session, attendees will be able to:

  • Construct a model validation framework;
  • Implement best practices; and
  • Execute a successful validation.

How the live virtual session works and what it includes

Connect to the Internet to participate in the session as it takes place at the 2018 SOA Life & Annuity Symposium in Baltimore. The virtual broadcast streams the video, audio and PowerPoint slides through your computer during the session. As a virtual participant, you will be allowed to interact and submit your questions through a chat box for live response during the session.

You do not need any special equipment. On May 4, 2018, before 2:00 p.m. ET you will be sent detailed virtual session instructions via email including the Web address for accessing the live-streaming broadcast presentation. Any handouts that are available will also be sent.

Please review the technical requirement sheet for the virtual session platform with your IT department and make sure there aren’t firewall issues with audio streaming through your computers. You can test your computer using the following link to ensure the audio streaming is working properly.